UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2015
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
000-28867
(Commission file number)
TRAILBLAZER RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Nevada
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88-0409170
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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2520 St. Rose Parkway, Suite 319, Henderson, NV 89074
(Address of principal executive offices) (Zip Code)
(800) 787-5439
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes o No ý
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o
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Smaller reporting company ý
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 28,344,290 shares as of March 17, 2016.
TRAILBLAZER RESOURCES, INC.
FORM 10-Q
FOR THE QUARTER ENDED
September 30, 2015
INDEX
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Page
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PART I. FINANCIAL INFORMATION
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Item 1.
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Financial Statements:
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Balance Sheets (Unaudited)
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3
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Statements of Operations (Unaudited)
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4
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Statements of Cash Flows (Unaudited)
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5
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Notes to Financial Statements (Unaudited)
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6
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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10
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Item 3.
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Quantitative and Qualitative Disclosures about Market Risk
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13
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Item 4.
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Controls and Procedures
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13
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PART II. OTHER INFORMATION
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Item 1.
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Legal Proceedings
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14
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Item 1A.
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Risk Factors
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14
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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14
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Item 3.
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Defaults Upon Senior Securities
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14
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Item 4.
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Mine Safety Disclosures
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14
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Item 5.
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Other Information
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14
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Item 6.
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Exhibits
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15
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SIGNATURES
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16
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TRAILBLAZER RESOURCES, INC.
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BALANCE SHEETS
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(Unaudited)
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September 30,
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December 31,
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2015
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2014
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ASSETS
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Current assets:
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Cash
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$ |
7,384 |
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$ |
- |
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Total current assets
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7,384 |
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- |
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Total assets
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$ |
7,384 |
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$ |
- |
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current liabilities:
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Convertible notes payable
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$ |
550,000 |
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$ |
550,000 |
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Accounts payable
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|
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19,105 |
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54,393 |
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Note payable
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257,500 |
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Advances from shareholders
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277,062 |
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342,062 |
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Note payable to shareholder
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12,638 |
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91,313 |
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Accrued expenses
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211,742 |
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158,518 |
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Total current liabilities
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1,328,047 |
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1,196,286 |
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Revolving convertible note, shareholder
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250,000 |
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250,000 |
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Total liabilities
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1,578,047 |
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1,446,286 |
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Stockholders' deficit:
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Common stock - $.001 par value; 100,000,000 shares
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authorized, 28,344,290 shares issued and outstanding at
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September 30, 2015 and December 31, 2014, respectively
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28,344 |
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28,344 |
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Additional paid-in capital
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23,336,789 |
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23,336,789 |
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Accumulated deficit
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(24,935,796 |
) |
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(24,811,419 |
) |
Total stockholders' deficit
|
|
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(1,570,663 |
) |
|
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(1,446,286 |
) |
Total liabilities and stockholders' deficit
|
|
$ |
7,384 |
|
|
$ |
- |
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See notes to the financial statements.
TRAILBLAZER RESOURCES, INC.
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STATEMENTS OF OPERATIONS
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(Unaudited)
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For the Three Months Ended September 30,
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For the Nine Months Ended September 30,
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2015
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2014
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2015
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|
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2014
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|
|
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Revenue
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$ |
- |
|
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$ |
- |
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$ |
- |
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$ |
- |
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Operating expenses:
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General and administrative expenses
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35,822 |
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10,138 |
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71,154 |
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67,836 |
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Consulting expense
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- |
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- |
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- |
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25,000 |
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Total operating expenses
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35,822 |
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10,138 |
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71,154 |
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92,836 |
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Loss from operations
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(35,822 |
) |
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(10,138 |
) |
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(71,154 |
) |
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(92,836 |
) |
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Interest expense
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(17,225 |
) |
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(17,786 |
) |
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(53,223 |
) |
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(236,196 |
) |
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Loss before income tax benefit
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(53,047 |
) |
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(27,924 |
) |
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(124,377 |
) |
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(329,032 |
) |
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Income tax benefit
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- |
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- |
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- |
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- |
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Net loss
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$ |
(53,047 |
) |
|
$ |
(27,924 |
) |
|
$ |
(124,377 |
) |
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$ |
(329,032 |
) |
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Net loss per common share - basic and diluted
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$ |
0.00 |
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$ |
0.00 |
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$ |
0.00 |
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$ |
(0.01 |
) |
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Weighted average shares outstanding - basic and diluted
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28,344,290 |
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28,344,290 |
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28,344,290 |
|
|
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28,319,835 |
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See notes to the financial statements.
TRAILBLAZER RESOURCES, INC.
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STATEMENTS OF CASH FLOWS
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(Unaudited)
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Nine Months Ended
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September 30,
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2015
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2014
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|
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|
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Cash flows from operating activities:
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|
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Net loss
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$ |
(124,377 |
) |
|
$ |
(329,032 |
) |
Adjustments to reconcile net loss to net cash used in
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|
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operating activities:
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Amortization of debt issuance costs
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|
- |
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184,556 |
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Stock issued for professional services
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- |
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2,186 |
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Changes in operating assets and liabilities:
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|
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|
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Accounts payable
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|
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(35,288 |
) |
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55,484 |
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Accrued expenses
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53,224 |
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51,640 |
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Net cash used in operating activities
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(106,441 |
) |
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(35,166 |
) |
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Cash flows from investing activities:
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Net cash used in investing activities
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- |
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- |
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Cash flows from financing activities:
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Increase (decrease) in advances from shareholders
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(65,000 |
) |
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70,000 |
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Increase in short-term notes payable
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257,500 |
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Payments on note payable to shareholder
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(99,000 |
) |
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(20,000 |
) |
Payment to shareholder on extinguishment of debt
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|
- |
|
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(25,000 |
) |
Increase in short-term notes payable, shareholder
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|
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20,325 |
|
|
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9,300 |
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|
|
|
|
|
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Net cash provided by financing activities
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|
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113,825 |
|
|
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34,300 |
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Net decrease in cash and cash equivalents
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7,384 |
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(866 |
) |
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
- |
|
|
|
985 |
|
End of period
|
|
$ |
7,384 |
|
|
$ |
119 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
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Cash paid during the period for interest
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$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
|
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Accounts payable paid directly by certain shareholders as advances
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|
$ |
- |
|
|
$ |
34,846 |
|
Accounts payable converted to short-term note payable, shareholder
|
|
$ |
- |
|
|
$ |
25,350 |
|
Accrued interest paid with common stock
|
|
$ |
- |
|
|
$ |
15,763 |
|
See notes to the financial statements.
Note 1. Nature of Business and Significant Accounting Policies
Trailblazer Resources, Inc., is a public shell company that is seeking a business opportunity. We currently have no ongoing business operations.
The Company formerly engaged in the manufacture, sale, installation and service of fiberglass tank and piping products through ECC Corrosion, Inc. (“ECC-C”), a former wholly-owned subsidiary of the Company. On September 2, 2011, the Board of Directors of the Company, acting on the recommendation of its disinterested directors, approved the sale of all of the stock of ECC-C to Jamie and Jennifer Mancl and their affiliated entities who were the majority shareholders of the Company at the time (the “Mancls”) in exchange for substantially all of the Mancls’ shares of the Company’s common stock pursuant to the terms of a Stock Purchase Agreement dated August 12, 2011 (the “ECC-C Sale”). On October 21, 2011, the Company completed the ECC-C Sale.
The accompanying unaudited financial statements of Trailblazer Resources, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
In the opinion of the Company, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
There were no new accounting standards issued or effective during the nine months ended September 30, 2015 that had or are expected to have a material impact on the Company’s results of operations, financial condition, or cash flows.
Note 2. Going Concern Uncertainty
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At September 30, 2015, the Company had a working capital deficiency of $1,320,663, an accumulated deficit of $24,935,796 and had incurred a net loss of $124,377 for the nine months ended September 30, 2015.
The Company has limited financial resources, has been unprofitable since its inception and currently has no source of revenue generating activities. These factors raise substantial doubt about its ability to continue as a going concern. Management plans to rely on advances from certain shareholders to fund its ongoing obligations; however, there is no guarantee that the Company will be able to obtain an adequate amount of funding. If the Company is unable to obtain the necessary funding, the Company may need to liquidate. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Note 3. Convertible Notes Payable
In August 2008, the Company began a private placement offering of Units, each Unit consisting of (i) a 3-year, 6% convertible debenture with a conversion price of $2.50 (the “Conversion Price”) per share (subject to adjustment for stock splits and stock dividends) (the “Debentures”), and (ii) a number of warrants equal to the number of shares issuable upon conversion of the principal amount of the Debentures (the “Warrants”).
At issuance, each Warrant was originally immediately exercisable into shares of common stock for a term of 3 years at $5.00 per share, which was reduced to $1.50 per share in December 2011. As of December 31, 2013, the warrants had been extended through June 2014 and the exercise price had been reduced to $1.00 per share. The Warrants also provided anti-dilution protection for the following events: reorganization, reclassification, consolidation, merger or sale, subdivision, combination or other dividend of the Company’s common stock. The debt discount created by the detachable warrants was fully amortized before January 1, 2013.
The private placement was closed on December 14, 2008. Debentures in the aggregate principal amount of $6,370,000 were sold which included the issuance of 2,548,000 Warrants. The Debentures are considered to be conventional convertible debt.
All outstanding Debentures, totaling $550,000 at both September 30, 2015 and December 31, 2014, are past their maturity dates and are currently due on demand. During the three and nine month periods ended September 30, 2015, no debt was converted into shares of the Company’s common stock.
Prior to July 2, 2013, the Debentures provided holders the option to convert any accrued interest owed to them at $2.50 per share. On July 2, 2013, the Company's Board of Directors amended the conversion price to be the average of the trading price of the shares for the 21 trading days preceding each conversion date and retroactively adjusted all previously accrued interest conversions since the original maturity dates in 2011.
Note 4. Note Payable
On April 15, 2015, the Company established a promissory note in the amount of $250,000 with Global CashSpot Corp (GCS). Under the terms of the promissory note, GCS has agreed to advance the Company funds up to $250,000 to fund accounting, legal and other operating costs. The unsecured promissory note is non-interest bearing, and repayment is due within 60 days following notice of demand by GCS. In the event the Company enters into a business combination with GCS, the promissory note shall be deemed paid in full. In September 2015, the Company and GCS agreed to amend the promissory note, increasing its amount to $350,000.
During the three and nine months ended September 30, 2015, GCS advanced $182,500 and $257,500, respectively, under the promissory note.
Note 5. Advances From Shareholders
Subsequent to the divestiture of the Company’s operating entity (ECC-C) on October 21, 2011, the Company’s operating expenses have been funded primarily by advances from certain shareholders. Going forward, the Company will continue to incur ongoing professional fees in connection with being a public company. As of September 30, 2015 and December 31, 2014, $277,062 and $342,062, respectively, is owed to certain shareholders who have made unsecured advances to the Company to fund operations. $125,000 of the September 30, 2015 and December 31, 2014 balances bears a 3.5% interest rate, and is due upon demand. The remaining shareholder advance balances at September 30, 2015 and December 31, 2014 are non-interest bearing and due upon demand.
In February 2013, $60,000 of the non-interest bearing shareholder advances were refinanced into a revolving convertible note from Diversified Equities Partners, LLC ("DEP"), a shareholder and entity owned by a minority shareholder of the Company.
During the three and nine months ended September 30, 2015, there were no additional DEP advances to the Company to fund payment of Company operating expenses. All advances are unsecured, non-interest bearing, and due on demand. In August 2016, the Company repaid DEP $100,000 of the outstanding amount of shareholder advances.
Note 6. Note Payable to Shareholder
In July 2013, the Company entered into a revised consulting agreement with the Company's contract controller, JIMMAR Consulting, Inc. ("JIMMAR"), providing for consulting fees on an hourly basis, plus the Company agreed to issue shares of the Company's common stock as follows: 5,000 shares on August 31, 2013, 5,000 shares on November 30, 2013, and 10,000 shares on March 15, 2014. The Company’s debt to JIMMAR, amounted to $12,638 and $91,313 at September 30, 2015 and December 31, 2014, respectively. The debt agreement requires payment of the entire outstanding balance on or before December 31, 2013, with interest accruing at a rate of 15% per annum. Interest is to be paid in cash, or may, at the Company's option, be paid in common shares of the Company's stock, based on a conversion price of $0.37 per share. During the three and nine months ended September 30, 2015, the Company made payments aggregating $59,000 and $99,000, respectively. The 20,000 shares were issued to JIMMAR in April 2014. Based on the share price of the stock at the date of the revised consulting agreement, the stock to be issued was valued at $0.35 per share, for an aggregate value of $7,000. This amount has been expensed over the service period, resulting in additional expense of $0 and $2,187 during the three and nine months ended September 30, 2014.
Note 7. Revolving Convertible Note, Shareholder
On February 21, 2013 the Company established an unsecured revolving convertible note in the amount of $250,000 with DEP. Under the terms of the note, DEP has agreed to make loans to the Company during the three-year term of the revolving credit commitment period. Interest accrues on the unpaid principal balance at a rate of eight percent per annum and is payable quarterly beginning May 31, 2013; however, none has been paid as of September 30, 2015. DEP has waived its right to call payment on the loan if all accrued interest is paid prior to February 21, 2016. Accrued expenses include $49,951 and $34,992 of interest due to shareholders as of September 30, 2015 and December 31, 2014, respectively. All outstanding and unpaid principal and accrued interest shall become due and payable at maturity, February 21, 2016. The Company may prepay the note at any time without penalty and re-borrow under the agreement. DEP previously had the right to convert all or a portion of the note into shares of the Company’s common stock at any time at the rate of $0.067 per share, but the number of shares that may be issued pursuant to this conversion privilege cannot exceed 3,731,343. Because the conversion price was lower than the Company's per share market price at note inception, the Company recognized additional beneficial conversion costs as described below upon each new borrowing. On June 29, 2014, the Company and DEP entered into an Amendment to Revolving Convertible Promissory Note, completely eliminating the aforementioned conversion provision.
During 2013, the Company had drawn an aggregate $250,000 on the note which includes: (1) $60,000 of advances from shareholders outstanding at December 31, 2013 that were refinanced into this note; (2) professional services aggregating $82,227 paid directly by DEP on behalf of the Company; (3) advances made by DEP, on behalf of the Company, to a previous acquisition target, Temple Mountain Energy, Inc. (“TME”) aggregating $82,773; and (4) $25,000 advanced to Solus Industries, LLC ("Solus"), another previous acquisition target. The advances to both TME and Solus, aggregating $107,773, were allowed for in its entirety with a corresponding bad debt expense recorded on the accompanying statement of operations during the year ended December 31, 2013. The Company is no longer considering an acquisition of either TME or Solus.
The fair value of the beneficial conversion feature, aggregating $250,000, was recorded in 2013 as debt issuance costs with a corresponding increase in paid-in capital. The amortization of debt issuance costs, which is classified as interest expense, was recognized on a straight-line basis over the term of the revolving note and aggregated -0- during the three months ended September 30, 2015 and September 30, 2014, respectively, and -0- and $163,063 for the nine months ended September 30, 2015 and September 30, 2014, respectively. The unamortized balance was fully amortized as a result of the elimination of the conversion provision from which it arose, as a result of the Amendment to Revolving Convertible Promissory Note on June 29, 2014.
Note 8. Stockholders’ Equity
Stock Issuances and Warrants
There were no common stock or warrant issuances during the three or nine months ended September 30, 2015.
Note 9. Loss Per Share
The Company computes loss per share using two different methods, basic and diluted, and presents per share data for all periods in which statements of operations are presented. Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted average number of common stock and common stock equivalents outstanding during the period so long as the effect of including the common stock equivalents is not anti-dilutive.
The following tables provide a reconciliation of the numerators and denominators used in calculating basic and diluted loss per share for the three and nine months ended September 30, 2015 and 2014:
|
|
Three Months
|
|
|
Three Months
|
|
|
Nine Months
|
|
|
Nine Months
|
|
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
|
September 30, 2015
|
|
|
September 30, 2014
|
|
|
September 30, 2015
|
|
|
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations to common shareholders
|
|
$ |
(53,047 |
) |
|
$ |
(27,924 |
) |
|
$ |
(124,377 |
) |
|
$ |
(329,032 |
) |
Net loss to common shareholders
|
|
$ |
(53,047 |
) |
|
$ |
(27,924 |
) |
|
$ |
(124,377 |
) |
|
$ |
(329,032 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
28,344,290 |
|
|
|
28,344,290 |
|
|
|
28,344,290 |
|
|
|
28,319,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share from continuing operations
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(0.01 |
) |
Basic and diluted net loss per common share
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(0.01 |
) |
The following common stock equivalents have been excluded from the diluted per share calculations since they are anti-dilutive:
|
(1)
|
At September 30, 2015 and 2014, there were outstanding convertible debentures equivalent to 220,000 and 220,000 common shares, respectively.
|
|
(2)
|
At September 30, 2015 and 2014, there were outstanding warrant equivalents of -0- and 2,311,671 common shares. The warrants are anti-dilutive for both periods and therefore, have been excluded from diluted earnings per share.
|
|
(3)
|
At both September 30, 2015 and 2014, there were no outstanding option equivalents.
|
Note 10. Related Party Transaction
In August 2015, the Company reimbursed its Chief Financial Officer for $7,300 of miscellaneous expenses incurred on behalf of the Company.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The discussion contained herein contains “forward-looking statements” that involve risk and uncertainties. These statements may be identified by the use of terminology such as “believes,” “expects,” “may,” “should” or “anticipates” or expressing this terminology negatively or similar expressions or by discussions of strategy. The cautionary statements made in our Annual Report on Form 10-K, filed December 23, 2015, should be read as being applicable to all related forward-looking statements wherever they appear in this Form 10-Q. Our actual results could differ materially from those discussed in this report. The following discussion should be read in conjunction with the financial statements and the related notes included herein as Item 1.
Accounting Policies and Estimates
The methods, estimates and judgments that we use in applying our critical accounting policies have a significant impact on the results that we report in our financial statements. Some of our accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain.
We have identified the accounting policies that we consider critical in Note 1 “Nature of Business and Significant Accounting Policies” of the notes to our financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. The accounting policies and estimates described in that report are contained in Note 1 “Nature of Business and Significant Accounting Policies,” of the notes to our financial statements in our Annual Report on Form 10-K for the year ended December 31, 2014, which includes a discussion of the policies identified in this report and other significant accounting policies and should be read in conjunction with this report.
Overview
Trailblazer Resources, Inc., (“we,” “us,” “our,” or the “Company”), a Nevada corporation, currently has no business operations.
The Company had one operating subsidiary, ECC Corrosion, Inc. (“ECC-C”), which was sold on October 21, 2011 due to the continuing losses that the Company had incurred since the reverse acquisition in October 2008. Formerly known as Advanced Fiberglass Technologies ("AFT"), ECC-C was incorporated in the state of Wisconsin on January 1, 2005, following nearly ten years operating as M&W Fiberglass, LLC (“M&W”). Founded in 1995 by Jamie and Jennifer Mancl, M&W was the operating entity that developed and operated AFT’s business. In January 2005, M&W transferred all operating assets and liabilities into a newly formed S-Corporation: AFT. On September 1, 2010, AFT changed its name to ECC Corrosion, Inc.
On October 21, 2011, the Company sold all of the stock of ECC-C to Jamie and Jennifer Mancl and their affiliated entities (the “Mancls”) in exchange for substantially all of the Mancls’ shares of the Company’s common stock (the “ECC-C Sale”). These shares were then cancelled, reducing the number of shares issued and outstanding of the Company to 22,720,228 on that date. In addition, we changed the name of the Company to “Trailblazer Resources, Inc.” effective October 17, 2011. The Company is currently seeking a private company as a possible acquisition or reverse acquisition target.
Results of Operations
We do not currently generate any revenues, but incur general and administrative expenses related to our status as a publicly-held company, such as legal, accounting and transfer agent fees, as well as other applicable expenses.
The three and nine months ended September 30, 2015 compared to the three and nine months ended September 30, 2014.
General and administrative expenses
Total general and administrative expenses were $35,822 and $71,154 for the three and nine months ended September 30, 2015, respectively, compared to $10,138 and $67,836 for the three and nine months ended September 30, 2014, consisting of legal, accounting and other professional fees. While the Company is operating as a public shell, no director fees will be paid or accrued.
Consulting expense
Consulting expense was -0- and $25,000 for the three and nine months ended September 30, 2014, and $0 for both the three and nine month periods ended September 30, 2015. The $25,000 of 2014 consulting expense resulted from the payment to DEP in exchange for eliminating the conversion provision associated with their revolving convertible note on June 29, 2014, as discussed in Note 7 above.
Interest expense
Total interest expense was $17,225 and $53,223 for the three and nine months ended September 30, 2015, respectively, compared to $17,786 and $236,196 for the three and nine months ended September 30, 2014, respectively. Interest expense for the three and nine months ended September 30, 2014 included -0- and $184,556, respectively, of amortization of discounts arising from the beneficial conversion feature associated with the revolving convertible note described in Note 6, compared to $0 for both the three and nine months ended September 30, 2015, respectively. Interest expense on convertible notes payable was $8,318 and $24,682 for the three and nine months ended September 30, 2015, respectively, compared to $8,318 and $24,682 for the three and nine months ended September 30, 2014.
In addition, interest expense during the three and nine months ended September 30, 2015 included $6,144 and $18,231, respectively, of interest incurred on the revolving convertible note and advances from Diversified Equities Partners, LLC, a shareholder and entity owned by a minority shareholder, compared to $6,143 and $18,231 for the three and nine months ended September 30, 2014. The Company also incurred interest expense of $2,763 and $10,310 for the three and nine months ended September 30, 2015, respectively, compared to $3,325 and $8,727 for the three and nine months ended September 30, 2014, respectively, related to the short-term note payable to JIMMAR Consulting, Inc., a shareholder. Interest expense decreased in the nine months ended September 30, 2015 as compared to the nine months ended September 30, 2014, primarily due to the elimination of the aforementioned beneficial conversion feature in June 2014, and resulting decrease in discount amortization.
Income tax benefit
The Company has established a full valuation allowance against its deferred tax assets because the Company believes it is more likely than not, that the net deferred tax assets will not be realized, and therefore, there is no tax provision recorded for the three or nine months ended September 30, 2015 and 2014.
Net loss
The Company’s net loss was $53,047 and $124,377 for the three and nine months ended September 30, 2015, respectively, compared to $27,924 and $329,032 for the three and nine months ended September 30, 2014, respectively, due to the factors described above.
Liquidity and Capital Resources
At September 30, 2015, the Company had cash of $7,384 and a working capital deficiency of $1,320,663. These conditions, and the Company's recurring operating losses, raise substantial doubt as to our ability to continue as a going concern.
Operating Cash Flows
Operating cash flows used cash of $106,441 and $35,166 during the nine months ended September 30, 2015 and 2014, respectively. All operating cash was used to pay various accounts payable.
Investing Cash Flows
There were no investing transactions during the nine months ended September 30, 2015 and 2014.
Financing Cash Flows
Financing cash flow activities for the nine months ended September 30, 2015 consisted of; (1) a $35,000 advance from a shareholder, (2) a $100,000 payment on shareholder advances to DEP, (3) an increase in short-term notes payable of $257,500, (4) payments on short-term note payable of $99,000, and (5) an increase in short-term notes payable, shareholder of $20,325.
Debenture Financing
From August 2008 to December 2008, we raised $6,370,000 by selling units, each unit consisting of (i) a 3-year, 6% convertible debenture (the “Debentures”) with a conversion price of $2.50 per share (subject to adjustment for stock splits and stock dividends), and (ii) a number of warrants equal to the number of shares issuable upon conversion of the principal amount of the Debenture (the “Warrants”). The Debentures sold included the issuance of 2,548,000 Warrants. Each Warrant was originally exercisable into shares of common stock for a term of 3 years at $5.00 per share; however subsequently reduced to $1.00 per share in July 2013. The Warrants also provide anti-dilution protection for the following events: reorganization, reclassification, consolidation, merger or sale, subdivision, combination or dividend of our common stock. The Warrants expired June 30, 2014.
At September 30, 2015 and December 31, 2014, Debentures totaling $550,000, respectively, were outstanding and currently due. Many of the remaining Debenture holders have elected to receive interest in the form of stock, lowering our cash outlays for debt service on the Debentures. Since the Company does not have the capital resources at this time to repay these Debentures, we are working with the Debenture holders in an attempt to convert them to common stock, extend or otherwise renegotiate their terms.
Revolving Convertible Note Financing
On February 21, 2013, the Company established a revolving convertible note in the amount of $250,000 with Diversified Equities Partners, LLC (“DEP”), a shareholder and entity owned by a minority shareholder of the Company. Under the terms of the note, DEP has agreed to make advances to the Company during the three-year term of the revolving credit commitment period. Interest accrues on the unpaid principal balance at a rate of eight percent per annum and is payable quarterly beginning May 31, 2013. All outstanding and unpaid principal and accrued interest shall become due and payable at maturity, February 21, 2016. The Company may prepay the note at any time without penalty and re-borrow under the agreement. DEP previously had the right to convert all or a portion of the note into shares of the Company’s common stock at any time at the rate of $0.067 per share, but the number of shares that may be issued pursuant to this conversion privilege could not have exceeded 3,731,343 in aggregate. On June 29, 2014 this conversion provision was completely eliminated pursuant to an Amendment to Revolving Convertible Promissory Note, entered into between the Company and DEP.
During 2013, we funded certain existing obligations and current operating costs by drawing $250,000 on this revolving convertible note, as described in "Note 7. Revolving Convertible Note, Shareholder". During the nine months ended September 30, 2014, the Company relied upon an additional $47,346 provided by DEP to make partial payments to vendors. This advance is included in Advances from Shareholders on the Company's Balance Sheets at September 30, 2015amd December 31, 2014. We will need additional funding to continue our operations. See Note 2 - Going Concern Uncertainty to the financial statements.
Note Payable Financing
On April 15, 2015, we established a promissory note in the amount of $250,000 with Global CashSpot Corp (GCS). Under the terms of the promissory note, GCS has agreed to advance funds to us of up to $250,000 to fund accounting, legal and other operating costs. The unsecured promissory note is non-interest bearing, and repayment is due within 60 days following notice of demand by GCS. In the event the Company enters into a business combination with GCS, the promissory note shall be deemed paid in full. In September 2015, the Company and GCS agreed to amend the promissory note, increasing its amount to $350,000. During the nine months ended June 30, 2015, GCS advanced $257,500 under the promissory note.
Going Forward
The illiquidity and continuing losses suffered by ECC-C led to its sale to the Mancls in exchange for their shares in the Company. This allows the Company to potentially acquire another business operation, which hopefully will have a greater potential for profitability. The Company will still need to convert, extend or otherwise renegotiate the terms of the Debentures and other financings described above. The Company is relying upon the limited funds provided from shareholders to continue to operate as a public company in good standing while we look for a target business. The Company anticipates that any acquisition with a target company will be consummated primarily through the issuance of the Company's shares of stock, as we do not have sufficient cash to use for such purposes.
We will need to seek additional funding for our operations and ongoing general and administrative expenses. Our current plan is to identify and evaluate industries and business opportunities in order to identify a suitable acquisition target for the Company. We cannot give any assurance that we will be successful in this effort or that if a suitable acquisition target is obtained, it will result in profitable operations nor can we give any assurances that we will obtain adequate funding to stay in business until a suitable acquisition target is identified.
Off-Balance Sheet Arrangements
As of September 30, 2015, we did not have any off-balance sheet arrangements.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Not applicable to smaller reporting companies.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures and Changes in Internal Controls
We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in our reports filed pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our President and Interim Chief Financial Officer and Interim Chief Executive Officer as appropriate, to allow timely decisions regarding required disclosures. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance the objectives of the control system are met.
As of September 30, 2015, our management, with the participation of our President and Interim Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures as such term is defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act. Based on this evaluation, the President, Interim Chief Financial Officer, and Interim Chief Executive Officer concluded that the Company’s disclosure controls and procedures were not effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure because of the material weakness relating to internal controls that are described in Item 9A of the Company’s Form 10-K for the year ended December 31, 2014, filed December 23, 2015.
Notwithstanding the material weaknesses that existed as of September 30, 2015, our President, Interim Chief Financial Officer, and Interim Chief Executive Officer concluded that the financial statements included in this Quarterly Report on Form 10-Q present fairly, in all material respects, the financial position, results of operations and cash flows of the Company and its subsidiaries in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are not currently involved in any pending or threatened legal proceedings.
Item 1A. Risk Factors
Not applicable to smaller reporting companies.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits
Regulation
S-K Number
|
Document
|
|
|
3.1
|
Amended and Restated Articles of Incorporation effective October 14, 2008 (1)
|
3.2
|
Amended and Restated Bylaws adopted October 14, 2008 (1)
|
3.3
|
Certificate of Amendment to Articles of Incorporation (2)
|
4.1
|
Form of Debenture (3)
|
4.2
|
Form of Warrant (3)
|
10.1
|
2008 Stock Incentive Plan (1)
|
10.2
|
Revolving Convertible Promissory Note to Diversified Equities Partners, LLC dated February 21, 2013 (4)
|
|
|
31.1
|
Rule 13a-14(a) Certification of Samuel W. Fairchild
|
32.1
|
Certification of Samuel W. Fairchild Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101*
|
Financial statements from the Quarterly Report on Form 10-Q of Trailblazer Resources, Inc. for the quarterly period ended September 30, 2015, formatted in XBRL: (i) the Balance Sheets; (ii) the Statements of Operations; (iii) the Statements of Cash Flows; and (iv) the Notes to Financial Statements (7)
|
|
(1)
|
Filed as an exhibit to the Current Report on Form 8-K dated October 14, 2008, filed October 17, 2008.
|
|
(2)
|
Filed as an exhibit to the Current Report on Form 8-K dated October 21, 2011, filed October 27, 2011.
|
|
(3)
|
Filed as an exhibit to the Current Report on Form 8-K dated December 15, 2008, filed December 19, 2008.
|
|
(4)
|
Filed as an exhibit to the Current Report on Form 8-K dated February 21, 2013, filed February 27, 2013.
|
*In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
TRAILBLAZER RESOURCES, INC.
|
|
|
|
Dated: March 17, 2016
|
By:
|
/s/ Samuel W. Fairchild
|
|
|
Samuel W. Fairchild, President,
Interim Chief Financial Officer and
Interim Chief Executive Officer
|
16
Exhibit 31.1
RULE 13a-14(a) CERTIFICATION
I, Samuel W. Fairchild, certify that:
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Trailblazer Resources, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
As the registrant’s sole certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
As the registrant’s sole certifying officer, I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated: March 17, 2016
|
|
/s/ Samuel W. Fairchild
|
|
|
Samuel W. Fairchild
|
|
|
President,Interim Chief Financial Officer and
Interim Chief Executive Officer
|
|
|
(principal executive and financial officer)
|
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Trailblazer Resources, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Samuel W. Fairchild, Principal Executive and Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated: March 17, 2016
|
|
/s/ Samuel W. Fairchild
|
|
|
Samuel W. Fairchild
|
|
|
President, Interim Chief Financial Officer and
Interim Chief Executive Officer
|
|
|
(principal executive and financial officer)
|
v3.3.1.900
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v3.3.1.900
BALANCE SHEETS - USD ($)
|
Sep. 30, 2015 |
Dec. 31, 2014 |
Current assets: |
|
|
Cash |
$ 7,384
|
|
Total current assets |
7,384
|
|
Total assets |
7,384
|
|
Current liabilities: |
|
|
Convertible notes payable |
550,000
|
$ 550,000
|
Accounts payable |
19,105
|
$ 54,393
|
Note payable |
257,500
|
|
Advances from shareholders |
277,062
|
$ 342,062
|
Note payable to shareholder |
12,638
|
91,313
|
Accrued expenses |
211,742
|
158,518
|
Total current liabilities |
1,328,047
|
1,196,286
|
Revolving convertible note, shareholder |
250,000
|
250,000
|
Total liabilities |
1,578,047
|
1,446,286
|
Stockholders' deficit: |
|
|
Common stock - $.001 par value; 100,000,000 shares authorized, 28,344,290 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively |
28,344
|
28,344
|
Additional paid-in capital |
23,336,789
|
23,336,789
|
Accumulated deficit |
(24,935,796)
|
(24,811,419)
|
Total stockholders' deficit |
(1,570,663)
|
$ (1,446,286)
|
Total liabilities and stockholders' deficit |
$ 7,384
|
|
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v3.3.1.900
BALANCE SHEETS (Parenthetical) - $ / shares
|
Sep. 30, 2015 |
Dec. 31, 2014 |
BALANCE SHEETS [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, authorized |
100,000,000
|
100,000,000
|
Common stock, issued |
28,344,290
|
28,344,290
|
Common stock, outstanding |
28,344,290
|
28,344,290
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
STATEMENTS OF OPERATIONS - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
STATEMENTS OF OPERATIONS [Abstract] |
|
|
|
|
Revenue |
|
|
|
|
Operating expenses: |
|
|
|
|
General and administrative expenses |
$ 35,822
|
$ 10,138
|
$ 71,154
|
$ 67,836
|
Consulting expense |
|
|
|
25,000
|
Total operating expenses |
$ 35,822
|
$ 10,138
|
$ 71,154
|
92,836
|
Loss from operations |
(35,822)
|
(10,138)
|
(71,154)
|
(92,836)
|
Interest expense |
(17,225)
|
(17,786)
|
(53,223)
|
(236,196)
|
Loss before income tax benefit |
$ (53,047)
|
$ (27,924)
|
$ (124,377)
|
$ (329,032)
|
Income tax benefit |
|
|
|
|
Net loss |
$ (53,047)
|
$ (27,924)
|
$ (124,377)
|
$ (329,032)
|
Net loss per common share - basic and diluted |
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ (0.01)
|
Weighted average shares outstanding - basic and diluted |
28,344,290
|
28,344,290
|
28,344,290
|
28,319,835
|
X |
- DefinitionThe amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
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v3.3.1.900
STATEMENTS OF CASH FLOWS - USD ($)
|
9 Months Ended |
Sep. 30, 2015 |
Sep. 30, 2014 |
Cash flows from operating activities: |
|
|
Net loss |
$ (124,377)
|
$ (329,032)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Amortization of debt issuance costs |
|
184,556
|
Stock issued for professional services |
|
2,186
|
Changes in operating assets and liabilities: |
|
|
Accounts payable |
$ (35,288)
|
55,484
|
Accrued expenses |
53,224
|
51,640
|
Net cash used in operating activities |
$ (106,441)
|
$ (35,166)
|
Cash flows from investing activities: |
|
|
Net cash used in investing activities |
|
|
Cash flows from financing activities: |
|
|
Increase (decrease) in advances from shareholders |
$ (65,000)
|
$ 70,000
|
Increase in short-term notes payable |
257,500
|
|
Payments on note payable to shareholder |
$ (99,000)
|
$ (20,000)
|
Payment to shareholder on extinguishment of debt |
|
(25,000)
|
Increase in short-term notes payable, shareholder |
$ 20,325
|
9,300
|
Net cash provided by financing activities |
113,825
|
34,300
|
Net decrease in cash and cash equivalents |
$ 7,384
|
(866)
|
Cash and cash equivalents: |
|
|
Beginning of period |
|
985
|
End of period |
$ 7,384
|
$ 119
|
Supplemental cash flow information: |
|
|
Cash paid during the period for interest |
|
|
Non-cash investing and financing activities: |
|
|
Accounts payable paid directly by certain shareholders as advances |
|
$ 34,846
|
Accounts payable converted to short-term note payable, shareholder |
|
25,350
|
Accrued interest paid with common stock |
|
$ 15,763
|
X |
- DefinitionAccounts payable paid directly by certain shareholders as advances.
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v3.3.1.900
Nature of Business and Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2015 |
Nature of Business and Significant Accounting Policies [Abstract] |
|
Nature of Business and Significant Accounting Policies |
Note 1. Nature of Business and Significant Accounting Policies
Trailblazer Resources, Inc., is a public shell company that is seeking a business opportunity. We currently have no ongoing business operations.
The Company formerly engaged in the manufacture, sale, installation and service of fiberglass tank and piping products through ECC Corrosion, Inc. (ECC-C), a former wholly-owned subsidiary of the Company. On September 2, 2011, the Board of Directors of the Company, acting on the recommendation of its disinterested directors, approved the sale of all of the stock of ECC-C to Jamie and Jennifer Mancl and their affiliated entities who were the majority shareholders of the Company at the time (the Mancls) in exchange for substantially all of the Mancls' shares of the Company's common stock pursuant to the terms of a Stock Purchase Agreement dated August 12, 2011 (the ECC-C Sale). On October 21, 2011, the Company completed the ECC-C Sale.
The accompanying unaudited financial statements of Trailblazer Resources, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
In the opinion of the Company, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
There were no new accounting standards issued or effective during the nine months ended September 30, 2015 that had or are expected to have a material impact on the Company's results of operations, financial condition, or cash flows.
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- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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v3.3.1.900
Going Concern Uncertainty
|
9 Months Ended |
Sep. 30, 2015 |
Going Concern Uncertainty [Abstract] |
|
Going Concern Uncertainty |
Note 2. Going Concern Uncertainty
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At September 30, 2015, the Company had a working capital deficiency of $1,320,663, an accumulated deficit of $24,935,796 and had incurred a net loss of $124,377 for the nine months ended September 30, 2015.
The Company has limited financial resources, has been unprofitable since its inception and currently has no source of revenue generating activities. These factors raise substantial doubt about its ability to continue as a going concern. Management plans to rely on advances from certain shareholders to fund its ongoing obligations; however, there is no guarantee that the Company will be able to obtain an adequate amount of funding. If the Company is unable to obtain the necessary funding, the Company may need to liquidate. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.3.1.900
Convertible Notes Payable
|
9 Months Ended |
Sep. 30, 2015 |
Convertible Notes Payable [Abstract] |
|
Convertible Notes Payable |
Note 3. Convertible Notes Payable
In August 2008, the Company began a private placement offering of Units, each Unit consisting of (i) a 3-year, 6% convertible debenture with a conversion price of $2.50 (the Conversion Price) per share (subject to adjustment for stock splits and stock dividends) (the Debentures), and (ii) a number of warrants equal to the number of shares issuable upon conversion of the principal amount of the Debentures (the Warrants).
At issuance, each Warrant was originally immediately exercisable into shares of common stock for a term of 3 years at $5.00 per share, which was reduced to $1.50 per share in December 2011. As of December 31, 2013, the warrants had been extended through June 2014 and the exercise price had been reduced to $1.00 per share. The Warrants also provided anti-dilution protection for the following events: reorganization, reclassification, consolidation, merger or sale, subdivision, combination or other dividend of the Company's common stock. The debt discount created by the detachable warrants was fully amortized before January 1, 2013.
The private placement was closed on December 14, 2008. Debentures in the aggregate principal amount of $6,370,000 were sold which included the issuance of 2,548,000 Warrants. The Debentures are considered to be conventional convertible debt.
All outstanding Debentures, totaling $550,000 at both September 30, 2015 and December 31, 2014, are past their maturity dates and are currently due on demand. During the three and nine month periods ended September 30, 2015, no debt was converted into shares of the Company's common stock.
Prior to July 2, 2013, the Debentures provided holders the option to convert any accrued interest owed to them at $2.50 per share. On July 2, 2013, the Company's Board of Directors amended the conversion price to be the average of the trading price of the shares for the 21 trading days preceding each conversion date and retroactively adjusted all previously accrued interest conversions since the original maturity dates in 2011.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
Note Payable
|
9 Months Ended |
Sep. 30, 2015 |
Note Payable [Abstract] |
|
Note Payable |
Note 4. Note Payable
On April 15, 2015, the Company established a promissory note in the amount of $250,000 with Global CashSpot Corp (GCS). Under the terms of the promissory note, GCS has agreed to advance the Company funds up to $250,000 to fund accounting, legal and other operating costs. The unsecured promissory note is non-interest bearing, and repayment is due within 60 days following notice of demand by GCS. In the event the Company enters into a business combination with GCS, the promissory note shall be deemed paid in full. In September 2015, the Company and GCS agreed to amend the promissory note, increasing its amount to $350,000.
During the three and nine months ended September 30, 2015, GCS advanced $182,500 and $257,500, respectively, under the promissory note.
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v3.3.1.900
Advances From Shareholders
|
9 Months Ended |
Sep. 30, 2015 |
Advances From Shareholders [Abstract] |
|
Advances From Shareholders |
Note 5. Advances From Shareholders
Subsequent to the divestiture of the Company's operating entity (ECC-C) on October 21, 2011, the Company's operating expenses have been funded primarily by advances from certain shareholders. Going forward, the Company will continue to incur ongoing professional fees in connection with being a public company. As of September 30, 2015 and December 31, 2014, $277,062 and $342,062, respectively, is owed to certain shareholders who have made unsecured advances to the Company to fund operations. $125,000 of the September 30, 2015 and December 31, 2014 balances bears a 3.5% interest rate, and is due upon demand. The remaining shareholder advance balances at September 30, 2015 and December 31, 2014 are non-interest bearing and due upon demand.
In February 2013, $60,000 of the non-interest bearing shareholder advances were refinanced into a revolving convertible note from Diversified Equities Partners, LLC ("DEP"), a shareholder and entity owned by a minority shareholder of the Company.
During the three and nine months ended September 30, 2015, there were no additional DEP advances to the Company to fund payment of Company operating expenses. All advances are unsecured, non-interest bearing, and due on demand. In August 2016, the Company repaid DEP $100,000 of the outstanding amount of shareholder advances.
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v3.3.1.900
Note Payable to Shareholder
|
9 Months Ended |
Sep. 30, 2015 |
Note Payable to Shareholder [Abstract] |
|
Note Payable to Shareholder |
Note 6. Note Payable to Shareholder
In July 2013, the Company entered into a revised consulting agreement with the Company's contract controller, JIMMAR Consulting, Inc. ("JIMMAR"), providing for consulting fees on an hourly basis, plus the Company agreed to issue shares of the Company's common stock as follows: 5,000 shares on August 31, 2013, 5,000 shares on November 30, 2013, and 10,000 shares on March 15, 2014. The Company's debt to JIMMAR, amounted to $12,638 and $91,313 at September 30, 2015 and December 31, 2014, respectively. The debt agreement requires payment of the entire outstanding balance on or before December 31, 2013, with interest accruing at a rate of 15% per annum. Interest is to be paid in cash, or may, at the Company's option, be paid in common shares of the Company's stock, based on a conversion price of $0.37 per share. During the three and nine months ended September 30, 2015, the Company made payments aggregating $59,000 and $99,000, respectively. The 20,000 shares were issued to JIMMAR in April 2014. Based on the share price of the stock at the date of the revised consulting agreement, the stock to be issued was valued at $0.35 per share, for an aggregate value of $7,000. This amount has been expensed over the service period, resulting in additional expense of $0 and $2,187 during the three and nine months ended September 30, 2014.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Revolving Convertible Note, Shareholder
|
9 Months Ended |
Sep. 30, 2015 |
Revolving Convertible Note, Shareholder [Abstract] |
|
Revolving Convertible Note, Shareholder |
Note 7. Revolving Convertible Note, Shareholder
On February 21, 2013 the Company established an unsecured revolving convertible note in the amount of $250,000 with DEP. Under the terms of the note, DEP has agreed to make loans to the Company during the three-year term of the revolving credit commitment period. Interest accrues on the unpaid principal balance at a rate of eight percent per annum and is payable quarterly beginning May 31, 2013; however, none has been paid as of September 30, 2015. DEP has waived its right to call payment on the loan if all accrued interest is paid prior to February 21, 2016. Accrued expenses include $49,951 and $34,992 of interest due to shareholders as of September 30, 2015 and December 31, 2014, respectively. All outstanding and unpaid principal and accrued interest shall become due and payable at maturity, February 21, 2016. The Company may prepay the note at any time without penalty and re-borrow under the agreement. DEP previously had the right to convert all or a portion of the note into shares of the Company's common stock at any time at the rate of $0.067 per share, but the number of shares that may be issued pursuant to this conversion privilege cannot exceed 3,731,343. Because the conversion price was lower than the Company's per share market price at note inception, the Company recognized additional beneficial conversion costs as described below upon each new borrowing. On June 29, 2014, the Company and DEP entered into an Amendment to Revolving Convertible Promissory Note, completely eliminating the aforementioned conversion provision.
During 2013, the Company had drawn an aggregate $250,000 on the note which includes: (1) $60,000 of advances from shareholders outstanding at December 31, 2013 that were refinanced into this note; (2) professional services aggregating $82,227 paid directly by DEP on behalf of the Company; (3) advances made by DEP, on behalf of the Company, to a previous acquisition target, Temple Mountain Energy, Inc. (TME) aggregating $82,773; and (4) $25,000 advanced to Solus Industries, LLC ("Solus"), another previous acquisition target. The advances to both TME and Solus, aggregating $107,773, were allowed for in its entirety with a corresponding bad debt expense recorded on the accompanying statement of operations during the year ended December 31, 2013. The Company is no longer considering an acquisition of either TME or Solus.
The fair value of the beneficial conversion feature, aggregating $250,000, was recorded in 2013 as debt issuance costs with a corresponding increase in paid-in capital. The amortization of debt issuance costs, which is classified as interest expense, was recognized on a straight-line basis over the term of the revolving note and aggregated -0- during the three months ended September 30, 2015 and September 30, 2014, respectively, and -0- and $163,063 for the nine months ended September 30, 2015 and September 30, 2014, respectively. The unamortized balance was fully amortized as a result of the elimination of the conversion provision from which it arose, as a result of the Amendment to Revolving Convertible Promissory Note on June 29, 2014.
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v3.3.1.900
Stockholders' Equity
|
9 Months Ended |
Sep. 30, 2015 |
Stockholders' Equity [Abstract] |
|
Stockholders' Equity |
Note 8. Stockholders' Equity
Stock Issuances and Warrants
There were no common stock or warrant issuances during the three or nine months ended September 30, 2015.
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v3.3.1.900
Loss Per Share
|
9 Months Ended |
Sep. 30, 2015 |
Loss Per Share [Abstract] |
|
Loss Per Share |
Note 9. Loss Per Share
The Company computes loss per share using two different methods, basic and diluted, and presents per share data for all periods in which statements of operations are presented. Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted average number of common stock and common stock equivalents outstanding during the period so long as the effect of including the common stock equivalents is not anti-dilutive.
The following tables provide a reconciliation of the numerators and denominators used in calculating basic and diluted loss per share for the three and nine months ended September 30, 2015 and 2014:
|
|
Three Months
|
|
|
Three Months
|
|
|
Nine Months
|
|
|
Nine Months
|
|
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
|
September 30, 2015
|
|
|
September 30, 2014
|
|
|
September 30, 2015
|
|
|
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations to common shareholders
|
|
$ |
(53,047 |
) |
|
$ |
(27,924 |
) |
|
$ |
(124,377 |
) |
|
$ |
(329,032 |
) |
Net loss to common shareholders
|
|
$ |
(53,047 |
) |
|
$ |
(27,924 |
) |
|
$ |
(124,377 |
) |
|
$ |
(329,032 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
28,344,290 |
|
|
|
28,344,290 |
|
|
|
28,344,290 |
|
|
|
28,319,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share from continuing operations
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(0.01 |
) |
Basic and diluted net loss per common share
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(0.01 |
) |
The following common stock equivalents have been excluded from the diluted per share calculations since they are anti-dilutive:
|
(1)
|
At September 30, 2015 and 2014, there were outstanding convertible debentures equivalent to 220,000 and 220,000 common shares, respectively.
|
|
(2)
|
At September 30, 2015 and 2014, there were outstanding warrant equivalents of -0- and 2,311,671 common shares. The warrants are anti-dilutive for both periods and therefore, have been excluded from diluted earnings per share.
|
|
(3)
|
At both September 30, 2015 and 2014, there were no outstanding option equivalents.
|
|
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Loss Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
Loss Per Share [Abstract] |
|
Reconciliation of the Numerators and Denominators Used in Calculating Basic and Diluted Earnings (Loss) Per Share |
|
|
Three Months
|
|
|
Three Months
|
|
|
Nine Months
|
|
|
Nine Months
|
|
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
|
September 30, 2015
|
|
|
September 30, 2014
|
|
|
September 30, 2015
|
|
|
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations to common shareholders
|
|
$ |
(53,047 |
) |
|
$ |
(27,924 |
) |
|
$ |
(124,377 |
) |
|
$ |
(329,032 |
) |
Net loss to common shareholders
|
|
$ |
(53,047 |
) |
|
$ |
(27,924 |
) |
|
$ |
(124,377 |
) |
|
$ |
(329,032 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
28,344,290 |
|
|
|
28,344,290 |
|
|
|
28,344,290 |
|
|
|
28,319,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share from continuing operations
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(0.01 |
) |
Basic and diluted net loss per common share
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(0.01 |
) |
|
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v3.3.1.900
Going Concern Uncertainty (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Dec. 31, 2014 |
Going Concern Uncertainty [Abstract] |
|
|
|
|
|
Working capital deficiency |
$ 1,320,663
|
|
$ 1,320,663
|
|
|
Accumulated deficit |
24,935,796
|
|
24,935,796
|
|
$ 24,811,419
|
Net loss |
$ 53,047
|
$ 27,924
|
$ 124,377
|
$ 329,032
|
|
X |
- References
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v3.3.1.900
Convertible Notes Payable (Narrative) (Details) - USD ($)
|
4 Months Ended |
|
|
|
|
Dec. 14, 2008 |
Sep. 30, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2011 |
Debt Instrument [Line Items] |
|
|
|
|
|
Convertible notes payable |
|
$ 550,000
|
$ 550,000
|
|
|
Warrants Issued with Convertible Notes [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Warrant term |
3 years
|
|
|
|
|
Warrant exercise price |
$ 5.00
|
|
|
$ 1.00
|
$ 1.50
|
Warrants issued |
2,548,000
|
|
|
|
|
Accrued Interest Conversion [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Conversion price |
|
|
|
$ 2.50
|
|
Debentures [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Debt instrument, face amount |
$ 6,370,000
|
|
|
|
|
Debt term |
3 years
|
|
|
|
|
Conversion price |
$ 2.50
|
|
|
|
|
Debenture interest rate |
6.00%
|
|
|
|
|
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v3.3.1.900
Note Payable (Details) - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Sep. 30, 2015 |
Apr. 15, 2015 |
Sep. 30, 2015 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Short-term Debt [Line Items] |
|
|
|
|
|
Increase in short-term notes payable |
|
|
|
$ 257,500
|
|
Notes Payable to Banks [Member] | Promissory Note With GCS [Member] |
|
|
|
|
|
Short-term Debt [Line Items] |
|
|
|
|
|
Maximum amount of funds advanced under promissory note |
$ 350,000
|
$ 250,000
|
|
|
|
Promissory note, lender |
|
|
|
Global CashSpot Corp (GCS)
|
|
Terms of promissory note |
|
|
|
GCS has agreed to advance the Company funds up to $250,000 to fund accounting, legal and other operating costs. The unsecured promissory note is non-interest bearing, and repayment is due within 60 days following notice of demand by GCS. In the event the Company enters into a business combination with GCS, the promissory note shall be deemed paid in full.
|
|
Increase in short-term notes payable |
|
|
$ 182,500
|
$ 257,500
|
|
X |
- DefinitionThe cash inflow from bank borrowing during the year.
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v3.3.1.900
Advances From Shareholders (Details) - USD ($)
|
1 Months Ended |
9 Months Ended |
|
|
Aug. 31, 2015 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Dec. 31, 2014 |
Feb. 28, 2013 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Advances from certain shareholders |
|
$ 277,062
|
|
$ 342,062
|
|
Increase in advances from shareholders |
|
(65,000)
|
$ 70,000
|
|
|
Repayments of advances to shareholders |
|
99,000
|
$ 20,000
|
|
|
Shareholders [Member] | Interest Bearing, Due On Demand [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Advances from certain shareholders |
|
$ 125,000
|
|
$ 125,000
|
|
Interest rate |
|
3.50%
|
|
3.50%
|
|
DEP [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Advances from certain shareholders |
|
|
|
|
$ 60,000
|
Repayments of advances to shareholders |
$ 100,000
|
|
|
|
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
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v3.3.1.900
Note Payable to Shareholder (Details) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Mar. 15, 2014 |
Apr. 30, 2014 |
Nov. 30, 2013 |
Aug. 31, 2013 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Dec. 31, 2014 |
Note Payable to Shareholder [Line Items] |
|
|
|
|
|
|
|
|
|
Stock issued for professional services |
|
|
|
|
|
|
|
$ 2,186
|
|
Payments on note payable to shareholder |
|
|
|
|
|
|
$ 99,000
|
20,000
|
|
Due to related party |
|
|
|
|
$ 277,062
|
|
277,062
|
|
$ 342,062
|
JIMMAR [Member] |
|
|
|
|
|
|
|
|
|
Note Payable to Shareholder [Line Items] |
|
|
|
|
|
|
|
|
|
Stock issued for professional services |
|
|
|
|
|
$ 0
|
|
$ 2,187
|
|
Payments on note payable to shareholder |
|
|
|
|
59,000
|
|
99,000
|
|
|
Shares issued for professional services |
10,000
|
|
5,000
|
5,000
|
|
|
|
|
|
Due to related party |
|
|
|
|
$ 12,638
|
|
$ 12,638
|
|
$ 91,313
|
Interest rate |
|
|
|
|
15.00%
|
|
15.00%
|
|
15.00%
|
Conversion price |
|
$ 0.35
|
|
|
$ 0.37
|
|
$ 0.37
|
|
$ 0.37
|
Convertible debt, shares issued upon conversion |
|
20,000
|
|
|
|
|
|
|
|
Convertible debt, amount converted |
|
$ 7,000
|
|
|
|
|
|
|
|
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v3.3.1.900
Revolving Convertible Note, Shareholder (Details) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Jun. 29, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Amortization of debt issuance costs |
|
|
|
|
$ 184,556
|
|
|
DEP [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Draws on facility |
|
$ 250,000
|
|
$ 250,000
|
|
|
|
Beneficial conversion feature |
|
|
|
|
|
|
$ 250,000
|
Amortization of debt issuance costs |
|
$ 0
|
$ 0
|
$ 0
|
$ 163,063
|
|
|
Debt term |
|
|
|
3 years
|
|
|
|
Interest rate |
|
8.00%
|
|
8.00%
|
|
|
|
Revolving convertible note payable |
|
$ 250,000
|
|
$ 250,000
|
|
|
|
Conversion privilege limit, shares |
3,731,343
|
|
|
|
|
|
|
Conversion price |
$ 0.067
|
|
|
|
|
|
|
Accrued interest due to shareholders |
|
|
|
49,951
|
|
$ 34,992
|
|
DEP [Member] | TME [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Draws on facility |
|
82,773
|
|
82,773
|
|
|
|
DEP [Member] | Solus Industries, LLC [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Draws on facility |
|
25,000
|
|
25,000
|
|
|
|
DEP [Member] | Shareholders [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Draws on facility |
|
60,000
|
|
60,000
|
|
|
|
DEP [Member] | Service Provider [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Draws on facility |
|
82,227
|
|
82,227
|
|
|
|
DEP [Member] | TME and Solus [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Draws on facility |
|
$ 107,773
|
|
$ 107,773
|
|
|
|
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v3.3.1.900
Loss Per Share (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Basic and diluted loss per share calculation: |
|
|
|
|
Net loss from continuing operations to common shareholders |
$ (53,047)
|
$ (27,924)
|
$ (124,377)
|
$ (329,032)
|
Net loss to common shareholders |
$ (53,047)
|
$ (27,924)
|
$ (124,377)
|
$ (329,032)
|
Weighted average common shares outstanding |
28,344,290
|
28,344,290
|
28,344,290
|
28,319,835
|
Net loss per share from continuing operations |
|
|
|
$ (0.01)
|
Basic and diluted net loss per common share |
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ (0.01)
|
Convertible Debentures [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive common stock equivalents |
220,000
|
220,000
|
220,000
|
220,000
|
Revolving Convertible Note [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Anti-dilutive common stock equivalents |
0
|
2,311,671
|
0
|
2,311,671
|
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